Australian Unity banking business to transfer to Bank Australia

Australian Unity has signed an agreement to transfer its banking business to Bank Australia, one of Australia’s leading customer-owned banks.

Under the agreement, Australian Unity will transition its banking operations to Bank Australia in late 2025. This will include the transfer of all banking customers and their loans, credit cards and deposit accounts.

Customers will benefit from Bank Australia’s larger customer service footprint, greater digital capability and increased scale to provide long-term sustainability.

Frequently asked questions

1. Why Bank Australia?

Like Australian Unity, Bank Australia has a long history of helping Australians to thrive. It traces its beginnings to the CSIRO Co-operative Credit Society in 1957 and has grown to be one of the largest customer-owned banks in Australia.

Bank Australia has more than 190,000 customers and is looking forward to welcoming Australian Unity Banking customers. They offer competitive rates and personalised service, with 10 branches across the country – seven in Victoria, and others in Sydney, Canberra and Brisbane.

The evolving banking market is placing increasing demands on smaller credit unions and mutual banks, like Australian Unity Bank. Banks need to operate and remain competitive, with increased investment required, particularly in the digital space, and we are confident that Bank Australia is well placed to provide customers with a future-ready banking experience.

2. I’m a customer of Australian Unity Bank, what do I need to do?

At this time, you do not need to do anything. There will not be any change for approximately 12 months.

Throughout this time, we will continue to deliver the same quality banking service that you expect.

Australian Unity Bank will continue to operate on a ‘business-as-usual’ basis, it will continue to be regulated by APRA, and deposits will continue to be covered by the financial claims scheme.

3. How will products and services be affected?

Products held by customers of Australian Unity Bank will remain on existing terms and conditions until the transfer.

Once the proposed transfer is finalised, product features will be consistently aligned with Bank Australia’s product offering in due course.

4. What’s next?

During the months ahead, a lot of work will happen behind the scenes to ensure the smooth transition of Australian Unity banking customers.

Full details about becoming a Bank Australia customer will be shared closer to the transfer date.